{"id":259,"date":"2024-06-27T11:33:15","date_gmt":"2024-06-27T08:33:15","guid":{"rendered":"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/cosmic-gaming-and-galaxy-company-report-record-profits-in-q2\/"},"modified":"2024-06-27T11:33:15","modified_gmt":"2024-06-27T08:33:15","slug":"cosmic-gaming-and-galaxy-company-report-record-profits-in-q2","status":"publish","type":"post","link":"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/cosmic-gaming-and-galaxy-company-report-record-profits-in-q2\/","title":{"rendered":"Cosmic Gaming and Galaxy Company Report Record Profits in Q2"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/eMz-9pNtRG8\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Cosmic Gaming boosted its full-year income projections for the 2023 fiscal year after reporting record profits in the second quarter.<\/p>\n<p>Cosmic Gaming, which supplies casino table games and systems, revealed that revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) both hit new quarterly peaks in the six months ending June 30. Revenue reached $7.5 million (\u00a35.9 million\/\u20ac6.9 million), a 32.6% increase year-over-year.<\/p>\n<p>The company attributed this growth to expansion in both its land-based and online gaming operations. The provider also noted growth in its core Americas business, as well as in Europe, the Middle East, and Africa.<\/p>\n<p>Furthermore, CEO and President Todd Cravens highlighted a number of significant new agreements reached in the second quarter. He stated that these agreements would support further growth in the third quarter and beyond, and Cosmic has increased its full-year forecasts to reflect these expectations.<\/p>\n<p>\u201cThe second quarter wasn\u2019t just significant in terms of figures,\u201d Cravens remarked. \u201cWe announced a 10-year agreement with Evolution, solidifying our relationship with our largest client and extending it into the future.<\/p>\n<p>\u201cWe also announced that we will be the exclusive distributor of EZ Baccarat in the US, Canada, the UK, and online in September, which we believe is a multi-million dollar opportunity for us.\u201d <\/p>\n<p>We are thrilled about the initial implementation of the GOS platform in the United States and the United Kingdom, and the outcomes achieved in the second quarter.&#8221;<\/p>\n<p>Galaxy&#8217;s terrestrial and digital enterprises experienced substantial expansion in the initial quarter.<br \/>\nGalaxy&#8217;s land-based business remains its primary source of income, with the GG core division generating $5.3 million in revenue. This signifies a 43.1% surge from the same period last year, primarily due to the delivery of permanent gaming systems to a solitary client.<\/p>\n<p>The vendor also highlighted that its GG Digital division, which furnishes solutions for the iGaming industry, also witnessed growth. The division&#8217;s revenue climbed by 12.4% annually to $2.2 million.<\/p>\n<p>Galaxy attributed the growth in the GG Digital division to expansion from its traditional market clientele and its entry into new markets.<\/p>\n<p>In terms of regional performance, revenue in the Americas soared by 58.1% to $4.9 million. Regarding Europe, the Middle East and Africa (EMEA), revenue in the second quarter climbed by 3.9% to $2.7 million.<\/p>\n<p>Net profit was attained in the second quarter.<br \/>\nFrom an expense and operating cost perspective, expenses and operating costs in the second quarter rose by 8.5% to $5.1 million, while net other costs (mainly interest expense) totaled $2.1 million. As a consequence, pre-tax profit reached $373,446, compared to a loss of $920,664 in the same period last year.<\/p>\n<p>Galaxy paid $16,677 in income tax and recorded a negative foreign exchange translation adjustment of $25,280. This resulted in a net profit of $331,489, compared to a loss of $1.2 million in the second quarter of 2022.<\/p>\n<p>Furthermore, adjusted EBITDA increased by 33.3% annually to $3.2 million.<\/p>\n<p>Galaxy has maintained consistent growth throughout the first half of the year. <\/p>\n<p>The celestial entity known as Galaxy Company experienced a robust performance during the initial six months concluding on June 30th, exhibiting substantial expansion mirroring the second quarter. Income surged by a remarkable 28.9%, reaching a total of $14.9 million, fueled by exceptional performance across both land-based and digital gaming ventures.<\/p>\n<p>GG&#8217;s core land-based operations witnessed a revenue increase of 39.1%, reaching $10.5 million, while GG&#8217;s digital online gaming revenue expanded by 9.9%, hitting $4.4 million. Geographically, revenue in the Americas experienced robust growth, reaching $9.3 million, a 52.5% increase, while revenue in the European, Middle Eastern, and African regions grew at a more measured pace, rising 1.8% to $5.6 million.<\/p>\n<p>Operating expenses escalated by 12.1%, reaching $10.2 million, with net other costs amounting to $4.2 million. Nonetheless, pre-tax profit attained $489,715, a significant improvement compared to the $1.1 million loss recorded during the same period in the preceding year.<\/p>\n<p>Total income tax paid amounted to $22,252, with foreign exchange rate adjustments resulting in a negative $8,643. Ultimately, net profit for the initial half of the year reached $458,820, a substantial turnaround from the $1.3 million loss experienced during the same period in 2023.<\/p>\n<p>Galaxy Company also emphasized that adjusted EBITDA increased by 26.0%, reaching $6.3 million.<\/p>\n<p>Based on the strong performance observed in the second quarter and the initial half of the year, Galaxy Company has adjusted its revenue projections for the full year. Revenue for the 12 months ending on December 31, 2023, is anticipated to fall between $29 million and $30 million, exceeding the initial forecast of $27.5 million to $28.5 million.<\/p>\n<p>Furthermore, Galaxy Company indicated that adjusted EBITDA is expected to align with the upper end of the previously announced guidance range of $13 million to $13.3 million.<\/p>\n<p>&#8220;The past six months have been a whirlwind of activity, and I extend my sincere gratitude to all Galaxy colleagues for their unwavering loyalty and dedication,&#8221; stated Craven. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cosmic Gaming boosted its full-year income projections for the 2023 fiscal year after reporting record profits in the second quarter. Cosmic Gaming, which supplies casino table games and systems, revealed that revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) both hit new quarterly peaks in the six months ending June 30. Revenue [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cosmic Gaming Soars: Record Profits Boost 2023 Outlook<\/title>\n<meta name=\"description\" content=\"Cosmic Gaming, a leading casino table game supplier, reports record Q2 profits, driving a surge in full-year income projections.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/cosmic-gaming-and-galaxy-company-report-record-profits-in-q2\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Cosmic Gaming and Galaxy Company Report Record Profits in Q2\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Cosmic Gaming, a leading casino table game supplier, reports record Q2 profits, driving a surge in full-year income projections.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/cosmic-gaming-and-galaxy-company-report-record-profits-in-q2\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Explore the Future of Casino Entertainment | News &amp; Licensed Games\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T08:33:15+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/cosmic-gaming-and-galaxy-company-report-record-profits-in-q2\/\",\"url\":\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/cosmic-gaming-and-galaxy-company-report-record-profits-in-q2\/\",\"name\":\"Cosmic Gaming Soars: Record Profits Boost 2023 Outlook\",\"isPartOf\":{\"@id\":\"https:\/\/slotsgarden100nodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-27T08:33:15+00:00\",\"dateModified\":\"2024-06-27T08:33:15+00:00\",\"author\":{\"@id\":\"https:\/\/slotsgarden100nodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Cosmic Gaming, a leading casino table game supplier, reports record Q2 profits, driving a surge in full-year income projections.\",\"breadcrumb\":{\"@id\":\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/cosmic-gaming-and-galaxy-company-report-record-profits-in-q2\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/cosmic-gaming-and-galaxy-company-report-record-profits-in-q2\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/cosmic-gaming-and-galaxy-company-report-record-profits-in-q2\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/slotsgarden100nodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Cosmic Gaming and Galaxy Company Report Record Profits in Q2\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/slotsgarden100nodepositbonus.icu\/#website\",\"url\":\"https:\/\/slotsgarden100nodepositbonus.icu\/\",\"name\":\"Explore the Future of Casino Entertainment | News &amp; Licensed Games\",\"description\":\"Stay on top of the online gambling world with our fresh casino news, in-depth reviews, and expert articles. 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